On this episode of CoinDesk’s Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Peter Christiansen, Director of Digital Assets Equity Research at Citi, who explains why the bank is turning more bullish on crypto equities ahead of Q3 earnings — breaking down its upgrades of Galaxy and Gemini, its downgrade of Securitize, the MSCI index-exclusion threat facing Strategy, and why Circle is his top pick with a $243 target.
Plus, Bart Smith, CEO of Avalanche Treasury Co. (AVAT), makes the case that Wall Street’s tokenization push will land on Avalanche, and explains why a regulated permanent-capital vehicle offers investors different exposure than spot AVAX or an ETF — and why he sees bitcoin maturing into digital gold.
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Chapters/Timecodes:
00:00 Welcome to Public Keys
00:21 Citi Turns Bullish on Crypto Equities
00:45 Citi's Pete Christiansen on the Infrastructure Trade
02:23 Why Citi Downgraded Securitize
03:47 What to Watch: NYSE, Nasdaq and DTCC Tokenized Trading
05:00 Collateral Mobility, Tokenization's Real Use Case
05:57 Strategy and the MSCI Index-Exclusion Threat
07:50 Citi's Bull, Bear and Base Case for MSTR
08:59 Bitcoin and Ether ETF Outflows Meet the Macro Backdrop
10:27 Why Circle Is Citi's Top Pick, $243 Target
13:36 Avalanche Treasury's Bart Smith Joins
13:43 The Bull, Bear and Base Case for Avalanche
15:18 How Avalanche Differentiates: Custom L1s
16:16 Why AVAT Over Spot AVAX or an ETF
19:32 The Tokenization-ETF Parallel
20:54 Tokenization Is Crypto Minus the Baggage
22:16 Why Bitcoin Is Now Digital Gold